New Integrated RESPA/TILA Disclosures By Oak Tree Business Systems, Inc.
Implementation and Transition
November of 2013 was a busy time for Federal regulators as they approved final rules combining some of the RESPA rules with other rules still required under The TILA. Congress’s intent being to create an entirely new set of disclosures that, when in place, will provide consumers with information (both new & old) formatted in such a way that provides the utmost in clarity and consumer understanding. The new integrated disclosures will fall into two categories (e.g. “Loan Estimate” and “Closing Disclosure”).
Regulation Z Amended By Oak Tree Business Systems, Inc.
There’s welcome news on the residential mortgage lending front. After assessing nearly a year’s worth of real-world experience, the Consumer Financial Protection Bureau (CFPB) came to the conclusion that it had to do something about the reluctance of many mortgage lenders to offer qualified mortgages with points and fees close to the limit imposed by the federal Truth in Lending regulations. Under Regulation Z, in order for a loan of $100,000 or more to meet the qualified mortgage standard, the total points and fees cannot exceed three percent (3.0%) of the total loan amount. For loans less than $100,000, the points and fees cannot exceed the applicable limit described on a graduated dollar/percentage scale.
Cyber security is a very real threat and we at Oak Tree take this as seriously as we hope you do, each and every day. To make sure our network is safe and secure, we diligently work around the clock on our network infrastructure from one end to the other, ensuring it is sound and that our data is backed up utilizing two different methods. This enables us to act fast. If something catastrophic were to take place, there would be “zero” downtime. However, there are those times when a data breach can cause big trouble. This typically happens when a corporation thinks they are immune from attack or “too big” to go after. Let’s take a look at some of the biggest threats that happened this past year and the corporate chaos it created.
New Mortgage Toolkit by Oak Tree Business Systems, Inc.
The Consumer Financial Protection Bureau released a new Mortgage Toolkit.
This toolkit provides consumers more information and resources about how to apply for and choose the right mortgage. The Toolkit is made readily available to consumers with online access and the ability to print the document.
For more information on the New Mortgage Toolkit click here.
Quality Of Life By Oak Tree Business Systems, Inc.
Make no mistake – “Quality of Life” drives us all. Our actions each day, sleeping, waking, eating, working, exercising, socializing, and so very much more, are all motivated by individual day-to-day factors such as being tired, hungry, lonely, wanting better fitness, wanting to “feel” better, and so on. But at the end of the day, what we all want is a better “Quality of Life”; for us and for our loved ones.
A photo of the city of Baltimore posted on the Facebook page of the $1.2 billion Municipal Employees Credit Union reads: Pray for Baltimore.
Although there were no additional reports of viloence in Baltimoe Tuesday, more credit unions have decided to close branches early or for the entire day.
The Baltimore-based MECU announced Tuesday morning on its Facebook page that it shut down three branches Tuesday, including the one on Redwood Street, the cooperative’s headquarters. However, on Tuesday afternoon, the cooperative said all of its branches would close at 1:30 p.m., according to a Facebook post.
On Monday, soon after the first reports of riots surfaced, MECU closed its headquarters branch early, as well as the Harry Deitchman PJM Center Branch on N. Martin Luther King Jr. Boulevard, and its call center. In addition to keeping these two branches closed, the credit union also closed its Fayette branch on Tuesday morning. MECU said, however, its call center reopened at 9 a.m. Tuesday.